The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Noble Corporation shares valued at $4,945,801 were sold by PACIFIC INVESTMENT MANAGEMENT on Jun 03. At $36.66 per share, PACIFIC INVESTMENT MANAGEMENT sold 134,910 shares. The insider’s holdings dropped to 22,830,515 shares worth approximately $663.91 million following the completion of this transaction.
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Also, PACIFIC INVESTMENT MANAGEMENT sold 164,526 shares, netting a total of over 6,141,756 in proceeds. Following the sale of shares at $37.33 each, the insider now holds 22,965,425 shares.
Before that, PACIFIC INVESTMENT MANAGEMENT had sold 200,564 shares from its account. In a trade valued at $7,517,139, the 10% Owner traded Noble Corporation shares for $37.48 each. Upon closing the transaction, the insider’s holdings decreased to 200,564 shares, worth approximately $672.62 million.
As published in a research note from BTIG Research on June 01, 2022, Noble Corporation [NE] has been rated up from a Neutral to a Buy and the price target has been revised to $60. This represents a 51.53% premium over Wednesday’s closing price.
Analyzing NE’s Price Performance
On Wednesday, Noble Corporation [NYSE: NE] plunged -9.01% to $29.08. The stock’s lowest price that day was $29.08, but it reached a high of $31.03 in the same session. During the last five days, there has been a drop of approximately -8.50%. Over the course of the year, Noble Corporation shares have jumped approximately 17.21%. Shares of the company reached a 52-week high of $38.59 on 06/01/22 and a 52-week low of $23.08 on 01/24/22. A 50-day SMA is recorded $33.46, while a 200-day SMA reached $28.76. Nevertheless, trading volume fell to 1.57 million shares from 1.15 million shares the previous day.
Support And Resistance Levels for Noble Corporation (NE)
According to the 24-hour chart, there is a support level at 28.43, which, if violated, would cause prices to drop to 27.78. In the upper region, resistance lies at 30.38. The next price resistance is at 31.68. RSI (Relative Strength Index) is 33.13 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.98, which suggests the price will decrease in the coming days. Percent R is at 100.00%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Which companies own the most shares of Noble Corporation (NE)?
According to Pacific Investment Management Co filings, the company currently owns 22,830,515 shares, which is about 35.10% of the total NE shares outstanding. The investor’s shares have plunged by -2,053,539 from its previous 13-F filing of 24884054.0 shares. With the completion of the buy, Canyon Capital Advisors LLC’s stake is now worth $129,131,368. GoldenTree Asset Management LP reduced a -9.61% interest valued at $118.1 million while Contrarius Investment Management purchased a 1,738,542 stake. A total of -2,400 shares of Noble Corporation were bought by Elliott Investment Management LP during the quarter, and -66,778 were sold by The Vanguard Group, Inc. In its current portfolio, Adage Capital Management LP holds 1,517,454 shares valued at $55.05 million.
In terms of Noble Corporation share price expectations, FactSet research, analysts set an average price target of $45.17 in the next 12 months, up nearly 32.98% from the previous closing price of $31.96. Analysts anticipate Noble Corporation stock to reach $60.00 by 2022, with the lowest price target being $40.00.